Core Viewpoint - The high-end equipment sector is experiencing significant growth, with the 中证高端装备细分50指数 rising by 1.97% and notable increases in key stocks such as 国睿科技 and 中航沈飞 [1][2] Group 1: Market Performance - The high-end equipment ETF (159638) saw a rise of 1.85%, with intraday gains exceeding 2% [1] - The ETF recorded a turnover of 3.27% and a transaction volume of 35.76 million yuan during the trading session [2] - Over the past month, the ETF has averaged a daily transaction volume of 58.85 million yuan [2] - The latest scale of the high-end equipment ETF reached 1.073 billion yuan [2] - In the last 14 trading days, there were 8 days of net capital inflow, totaling 13.32 million yuan [2] - The ETF's net value increased by 42.86% over the past year [2] Group 2: Industry Outlook - The military industry is expected to see an order turning point as the "建军百年奋斗目标" enters its second half, with new technologies and products driving market direction [3] - The top ten weighted stocks in the 中证高端装备细分50指数 account for 45.6% of the index, with 中航沈飞 and 航发动力 being the most significant contributors [3][5] - The upcoming "十四五" equipment procurement tail orders are anticipated to be finalized soon, with an expected increase in upstream order growth [2]

中航机载系统股份有限公司 董事会议事规则 （经中航机载 2025 年第三次临时股东大会审议通过） 二〇二五年九月十六日 董事会议事规则 第一章 总则 第一条 按照建立现代企业制度，健全法人治理结构的要 求，为规范中航机载系统股份有限公司（以下简称公司）董事 会运作程序，充分发挥董事会在经营决策中的作用，根据《中 华人民共和国公司法》《上市公司治理准则》《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《中航机载系统股份有限公司章程》（以下 简称《公司章程》）及有关规定，制定本规则。 第二条 本规则适用公司董事会的召集、提案、通知、召 开等事项。 第三条 董事会日常办事机构为董事会办公室，由董事会 秘书协助董事长进行管理。 第四条 公司董事会决定公司重大事项，应当事先听取公 司党组织或上级党组织的意见。 第二章 董事会的召集及通知 第五条 董事会由董事长召集；董事长因故不能履行其职 责或不履行职责时，由过半数的董事共同推举 1 名董事负责召 集会议。 第六条 董事会每年度至少召开 4 次会议，每次会议应当 于会议召开 10 日以前以书面形式（传真送达、直接送达、邮 -1 ...

中航机载系统股份有限公司 股东会议事规则 （经中航机载 2025 年第三次临时股东大会审议通过） 第二章 股东会的召集 第五条 董事会应当在《公司章程》规定的期限内按时召集 股东会。 二〇二五年九月十六日 股东会议事规则 第一章 总则 第一条 为了完善中航机载系统股份有限公司（以下简称公 司）法人治理结构，规范股东会的运作程序，保证公司决策行为 的民主化、科学化，保障股东的合法权益，根据《中华人民共和 国公司法》《上市公司股东会规则》《上海证券交易所股票上市 规则》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》和《中航机载系统股份有限公司章程》（以下简称《公司 章程》）的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用 本规则。 第三条 公司应当严格按照法律、行政法规、部门规章、《公 司章程》及本规则的相关规定召开股东会，保证股东能够依法行 使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公 司全体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《中华人民共和国公司法》和《公司 章程》规定的范围内行使职权。 -1- 股东会议事规则 ...

中航机载系统股份有限公司 章 程 （经中航机载 2025 年第三次临时股东大会审议通过） 二〇二五年九月十六日 | | | 第一条 为确立中航机载系统股份有限公司（以下简称公司） 的法律地位，规范公司的组织与行为，坚持和加强党的全面领导， 坚持权责法定、权责透明、协调运转、有效制衡的公司治理机制， 完善公司法人治理结构，建设中国特色现代国有企业制度，维护 公司、股东、职工和债权人的合法权益，根据《中国共产党章程》、 《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）、《上海证券交易所 股票上市规则》和其他有关规定，制定本章程。 第二条 中航机载系统股份有限公司系依照《公司法》和其 他有关规定成立的股份有限公司。 公司经国家经济贸易委员会国经贸企改〔1999〕1095 号文批 准，以发起设立方式设立；在北京经济技术开发区市场监督管理 局登记，取得营业执照，统一社会信用代码为 91110000705514765U。 第三条 公司于 2001 年 6 月 6 日经中国证券监督管理委员会 （以下简称中国证监会）批准，首次向社会公众发行人民币普通 股 11000 万股；于 ...

证券代码：600372 证券简称：中航机载 公告编号：2025-058 中航机载系统股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 | 1、出席会议的股东和代理人人数 | 1,542 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,740,962,825 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 56.6443 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 16 日 (二)股东大会召开的地点：北京市朝阳区曙光西里甲 5 号院 16 号楼 2521 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次股东大会由公司董事会召集，公司董事长胡林平先生主持，以现场投票 与网络投票相结合的方式进行表决，会议的召开 ...

北京市嘉源律师事务所 关于中航机载系统股份有限公司 2025 年第三次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 嘉濕律师事务所 IA YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中航机载系统股份有限公司 嘉源(2025) -04-679 北京市嘉源律师事务所(以下简称"本所")受中航机载系统股份有限公司 (以下简称"公司")委托,根据《中华人民共和国公司法》(以下简称"《公司 法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中 航机载系统股份有限公司章程》(以下简称"公司章程")的有关规定,指派本所 律师对公司 2025 年第三次临时股东大会(以下简称"本次股东大会")进行见 证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行 ...

Investment Rating - The report assigns an "Overweight" rating for the military industry [12][38]. Core Viewpoints - The intensification of great power competition is a long-term trend, leading to a favorable long-term outlook for the military industry. The defense strategies of the US and its allies are gradually shifting towards the Indo-Pacific region, which may escalate tensions around China. Increased defense spending is essential to ensure peace, and the military industry is expected to benefit from this trend. The goal of achieving a century of military development by 2027 is anticipated to accelerate during the 14th Five-Year Plan period [2][8]. Summary by Sections Market Review - The military sector has seen an increase, with the defense and military index rising by 2.14%, outperforming the broader market by 0.62 percentage points during the week of September 8-12. The Shanghai Composite Index rose by 1.52%, and the ChiNext Index increased by 2.10% [12][13]. - Among various military indices, the leading military stocks performed the best, with a rise of 2.29%, ranking first among ten indices [12][14]. Major News in the Military Industry - NATO announced the deployment of the "Eastern Sentinel" system to enhance defense posture, integrating military resources from Denmark, France, the UK, and Germany. Concurrently, Russia and Belarus commenced the "West-2025" joint strategic exercise, aimed at improving military coordination and operational capabilities [9][10][23][25]. - The report highlights significant domestic and international military news, including China's maritime patrols and military exercises, as well as developments in the Israeli military operations [23][24]. Investment Recommendations - Recommended stocks include: 1. Assembly: AVIC Shenyang Aircraft Company (中航沈飞), AVIC Xi'an Aircraft Industry Group (中航西飞) 2. Components: AVIC Optoelectronics (中航光电) 3. Subsystems: AVIC Onboard (中航机载), North Navigation (北方导航), Aerospace Nanhai (航天南湖) 4. Materials and Processing: Philihua (菲利华), Huayin Technology (华秦科技) [10][11].

2025 年 9 月 16 日 2025 年第三次临时股东大会会议资料 2025 年第三次临时股东大会会议资料 中航机载 中航机载系统股份有限公司 2025 年第三次临时股东大会会议资料 中航机载 会 议 议 题 议案一 关于审议修订《中航机载系统股份有限公司章程》及相关议 事规则的议案 议案二 关于审议取消监事会的议案 2025 年第三次临时股东大会会议资料 中航机载 议案一 关于审议修订《中航机载系统股份有限公司章程》 及相关议事规则的议案 各位股东及股东代表： 根据《中华人民共和国公司法》（2024 年 7 月 1 日起实施）、《上市公 司章程指引》（2025 年修订）等相关法律法规的规定及中国证券监督管理委 员会于 2024 年 12 月 27 日发布的《关于新〈公司法〉配套制度规则实施相关 过渡期安排》，结合公司的实际情况及需求，公司拟对《中航机载系统股份有 限公司章程》（以下简称《公司章程》）、《中航机载系统股份有限公司股东 大会议事规则》（以下简称《股东大会议事规则》）及《中航机载系统股份有 限公司董事会议事规则》（以下简称《董事会议事规则》）进行修订和完善。 主要修订内容如下： 一、《公司章程 ...

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Group 1 - The company's revenue for the first half of 2025 was 11.18 billion yuan, a year-on-year decrease of 2.59%, while net profit attributable to shareholders was 642 million yuan, down 28.93% year-on-year, primarily due to industry cycle adjustments and unmet military product order expectations [1] - The company has seen a slight increase in the proportion of civil and non-aviation business, indicating successful expansion into civil aviation and low-altitude economy sectors [1] - The company is actively adjusting its order structure by reducing low-margin traditional military products and increasing high-value-added civil products and maintenance services to address intensified price competition in military products [1] Group 2 - The company's balance sheet shows accounts receivable of 26.68 billion yuan, an increase of 13.68% from the beginning of the year, mainly due to extended military product payment cycles; inventory reached 16.98 billion yuan, up 8.48%, reflecting increased order preparations [2] - The gross profit margin improved slightly from 25.51% in the first half of 2024 to 26.37% in the first half of 2025, but net profit margin was pressured due to an increase in R&D expense ratio to 8.79% and financial expense ratio rising to 0.65% [2] - The company reported a significant improvement in operating cash flow, with a net outflow of 60 million yuan compared to a net outflow of 1.16 billion yuan in the same period last year, benefiting from accelerated receivables collection [2] Group 3 - The company's core competitiveness is being strengthened through maintaining domestic leadership in aviation onboard technology, optimizing industrial layout with military, civil aircraft, and advanced manufacturing driving growth, and increasing market share in civil aircraft components like C919 [3] - The company has completed the re-signing of the management agreement with the onboard company to integrate related business resources and is advancing a share buyback plan of 300 to 500 million yuan for equity incentives [3] - The company invested 19 million yuan in rural revitalization, demonstrating its social responsibility, and is making progress in technology R&D projects such as electromagnetic valves and aviation power systems, which are expected to create new growth points upon reaching production capacity [3] Group 4 - The company's performance aligns with market expectations, but due to order uncertainties, profit forecasts for 2025-2026 have been revised down to 1.152 billion yuan and 1.339 billion yuan respectively, with a new forecast for 2027 at 1.582 billion yuan, corresponding to PE ratios of 54, 46, and 39 times [3] - The company is positioned as a leader in China's aviation onboard systems and is expected to benefit from the growth in aviation equipment demand and the continuous development of new production capacities in large aircraft [3]